Congress has JUST passed Tax incentives for individuals extended through 2016 that includes: Sec. 108(a)(1)(E), which excludes from gross income discharge of qualified principal residence indebtedness income.”
In other words, if you are doing a short sale, subject to the regulations of the law, you will not have to pay income tax on the amount of your mortgage that was forgiven. There are many caveats to this rule so contact me for more information about short sales.
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential
John,
That is good news. While many owners have regained an equity position there are still many upside down.
Dec 18, 2015 02:49 AM
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor
John - Short sales are almost non-existent these days in our area, but why shouldn't those who may be subject to a short sale now be allowed the same options as those before them.
Dec 18, 2015 01:52 PM
Rainer
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16,274
John Brassner
Broker-Owner, MBA, Las Vegas Homes for Sale
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